Jain Enterprises honors a short-term note payable. Principal on the note is $425,000, with an annual interest rate of 3.5%, due in 6 months. What journal entry is created when Jain honors the note?
Q: What is the consequence of the purchases of a OPT-taxpayer from a VAT taxpayer?
A: VAT Taxpayer: In the European Community, the Value Added Tax, or VAT, is a wide ranging taxation…
Q: Summa Company revealed the following account balances on December 31, 2020: Accounts payable…
A: An income statement is a declaration of the organization's revenue and costs that results in a net…
Q: pls prepare journal entries
A: The transaction of Kassey company for the first year of operations is given to us. Journal entries…
Q: For items 22 to 24: The Warner Company sells its only pro the variable costs amount to P21 per unit.…
A: Break even point means the situation where there is no profit no loss. It means that a point where…
Q: A. Fixed assets are sold for cash. B. Long-term debt is issued to pay off current liabilities. OC.…
A: Financial ratios are those which provide a summary of the accounts of a company and helps an…
Q: The auto repair shop of Quality Motor Company uses standards to control the labor time and labor…
A: Formula: Labor rate variance = (Actual hourly rate - Standard rate per hour)*Actual hours worked…
Q: Griffin and Rhodes formed a partnership on January 1, 20X9. Griffin contributed cash of $120,000 and…
A: Introduction:- The following basic information as follows under:- On July 31, 20X9, the partnership…
Q: ation purc the execu ch is the f
A: Introduction: The benefits which are provided by the employer which acts as job satisfaction to…
Q: Which of the following is not a potential entity level tax for an S corporation that was formerly a…
A: The S Corporation is one of the constitution in US Taxation along with C Corporation. S Corporation…
Q: SLO-5.1. for a merchandising business is determined by subtracting the Cost of Goods Sold from the…
A: Operating Income: Operating Income is the income earned from Operating activities or Core activities…
Q: b Company, a lessor of office machines, purchased a new machine for P 150,000 on January 1, 2020,…
A: Lease gives the right to use the assets by payment of periodic payment during the lease period and…
Q: Homestead Crafts, a distributor of handmade gifts, operates out of owner Emma Finn's house. At the…
A: Units stored in basement means units in hand = 600 units
Q: A company purchased land in 1950 for $10,000. Although the land is now worth $300,000 the accounting…
A: The monetary unit principle states that you only record business transactions that can be expressed…
Q: . What amont of money is equivalent to receiving ₱ 10,000 three years from today, if interest is…
A: Present value is the value which has been computed by the company are by the investor when the…
Q: . FLORES Company, wholesaler, uses the aging method to estimate bad debt loss or impairment loss.…
A: Lets understand the basics. Under aging method, bad debt expense is calculated using bifurcation of…
Q: Problem 9-6 Estimated Payments (LO 9.2) Kana is a single wage earner with no dependents and taxable…
A: A tax is a governmental organization's mandatory financial obligation or other form of levy enforced…
Q: On May 15, 2024, Baez Co. issued bond with detachable warrants. At the time of the issuance, the…
A: calculation of discount o bond payable are as follows
Q: oration on is PE ecutives
A: GIVEN Delata Corporation bought a condominium unit P6,000,0000. property per tax declaration is…
Q: Glacier Corporation produces and sells a single product. Data concerning that product appear below:…
A: Net operating income at current situation = Total contribution - Total fixed cost = (5300 units…
Q: 9. A firm is considering actions which will raise its debt ratio. It is anticipated that these…
A: financial ratio analysis are considered to be an important or investor in order to make decisions…
Q: On July 1, 2019, Cody Company paid P1,198,000 of 10%, 20 year bonds with face amount of P1,000,000.…
A: Introduction:- The following basic information needs to understand understand as follows under:- On…
Q: Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1…
A: Under FIFO Method, using perpetual inventory system, Cost of goods sold and value of ending…
Q: When Jolt Co. acquired 75% of the common stock of Yelts Corp., Yelts owned land with a book value of…
A: The consolidated balance sheet is a financial statement that indicates the overall position of…
Q: The company reported a current ratio of 2.1 and 2.22 as of December 31, 2020 and December 31, 202…
A: Liability is an obligation that an entity has to pay on some future date.
Q: A call center agent receiving a monthly salary of P21,000 with mandatory annual deductions of…
A: GIVEN A call center agent receiving a monthly salary of P21,000 with mandatory annual deductions…
Q: Pedro Reyes purchased a delivery vehicle on January 1, 2016 amounting to PHP250,000. It is estimated…
A: Lets understand the basics. Depreciation is a reduction in value of asset due to wear and tear,…
Q: Shock Company manufactures electronic equipment. The following is a summary of its basic cost and…
A: Operating income = Total contribution - Fixed cost
Q: Carmelita Inc., has the following information available: Costs from Beginning Inventory Costs…
A: First, compute the equivalent units for direct materials and conversion costs. Then, compute the…
Q: elta Corporation cost inclusive of is P6,800,000 wh uch is the fringe b ng that the owne
A: GIVEN The acquisition cost inclusive of 12% interest P6,720,000 the property per tax declaration is…
Q: On December 31, 2021, Maroon Co. leased an equipment with a cost of P2,000,000 to Green Co. for…
A: As per IFRS 16, Leases, Lessor will recognize Net investment in lease on lease commencement date…
Q: SLO-4.1. Which of the following would not qualify as an internal control procedure within a…
A: Internal controls are the procedures ensuring that the financial reporting done by the business is…
Q: what is the carrying value of the intangible assts at December 31, 2020?
A: Carrying Value of intangible assets is shown in the balance sheet part where Calculation of the…
Q: what problems do you see with the rule requiring a balanced cyclically adjusted budget?
A: The cyclically adjusted budget balance is known as the full employment budget . the basically…
Q: 10) Sansa Company has outstanding 7% 10-year P5,000,000 face value bond. The bond was issued and…
A:
Q: Here is financial information for Metlock, Inc.. Please explain as well :) December 31, 2020…
A: Lets understand the basics. There are two type of analysis are made by the management which are, (1)…
Q: Tina Goldsmith sells her 25% partnership interest to George Holden for $50,000. At the time of the…
A: Capital Gain: The difference between the amount realized in cash by selling the interest in a…
Q: REQUIREMENTS: 1. What is the net lease receivable of the lessor at the commencement of the lease?
A: Lease refers to a contract between two parties under which one party who is the real owner of an…
Q: The recorded allowance for doubtful accounts should be increased by
A: Uncollectible accounts are those accounts for which it is estimated that due amount will not be…
Q: On September 1, 2022, Darren Co. borrowed P150,000 from BPI by issuing 8% note due August 31, 2023,…
A: Note: Interest amount should be recognized on the amount borrowed. Accounts receivables pledged as…
Q: SLO-3.3. Liabilities are reported on the OIncome Statement Ostatement of Owner's Equity Ostatement…
A: Basic accounting equation is Total Assets = Total liabilities + Owners Equity
Q: On January 2, 2021, Harlan Company purchased a patent for $48,000. The patent has an estimated…
A: A patent appears to be a legal privilege awarded by a sovereign authority to an inventor. In…
Q: Variable costs as a percentage of sales for Lemon Inc. are 72%, current sales are $610,000. and…
A: Increase (decrease) in income = Increase in Sales x Contribution margin ratio where, Contribution…
Q: A company purchases supplies and records these as an asset. As they are used, they are expensed.…
A: The accounting follows the various accounting concepts in the business such as matching concept,…
Q: SLO-2.1. All of the following are required steps in the accounting cycle except: OJournalizing and…
A: Accounting cycle is the process of recording the transactions happening in the business.
Q: Cost of Goods Sold Budget Play-Disc makes Frisbee-type plastic discs. Each 12-inch diameter plastic…
A: The cost of goods sold is calculated as difference between cost of goods available for sale and…
Q: Accounting Instructions: Complete the journal entries for the following events. Enter numbers…
A: Journal means the book of original entry where the entry is passed for the very first time after…
Q: 1-Cinemar Productions bought a piece of equipment for $150,847 that will last for 5 years. The…
A: Payback period is the period in which the cash outflow of the company is recovered.
Q: 35. X Co generates a 12 per cent contribution on its weekly sales of P280,000. A new product, Z, is…
A: Variable cost means the cost which vary with the level of output where as fixed cost remain fixed…
Q: (Credit account titles are automatically indented when the amount is entered. Do not indent…
A: Under double entry system of bookkeeping one account is debited and other is credited. Assets and…
Q: Impairment of a CGU (Cash Generating Unit) Potters Ltd has determined that its fine China…
A: Impairment of assets means reducing the book value of assets when carrying amount is more than…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
- A company collects an honored note with a maturity date of 24 months from establishment, a 10% interest rate, and an initial loan amount of $30,000. Which accounts are used to record collection of the honored note at maturity date? A. Interest Revenue, Interest Expense, Cash B. Interest Receivable, Cash, Notes Receivable C. Interest Revenue, Interest Receivable, Cash, Notes Receivable D. Notes Receivable, Interest Revenue, Cash, Interest ExpenseOn December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan.Jain Enterprises honors a short-term note payable. Principal on the note is $425,000, with an annual interest rate of 3.5%, due in 6 months. What journal entry is created when Jain honors the note?
- Sunshine Service Center received a 120-day, 6% note for $40,000, dated April 12 from a customer on account. Assume 360 days per year. a. Determine the due date of the note. b. Determine the maturity value of the note. When required, round your answers to the nearest dollar.$fill in the blank df5724f79f8d02f_2 c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. Aug. 10 Cash Cash Note Receivable Note Receivable Interest Revenue Interest RevenueOn September 30, 2018, Team Bank loaned $94,000 to Kendall Warner on a one-year, 6% note. Team's fiscal year ends on December 31. Read the requirements. Requirement 1. Journalize all entries for Team Bank related to the note for 2018 and 2019. (Record debits first, then credits. Select the explanation on the last line of the joumal entry table.) Begin by recording the loan on September 30, 2018. Date Accounts and Explanation Debit Credit 2018 Sep. 30 Course Chat Time GB VQuick Tire and Lube received a 120-day, 9% note for $60,000, dated June 12, from a customer on account. Assume 360 days in a year. Question Content Area a. Determine the due date of the note. b. Determine the maturity value of the note. Question Content Area c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank.
- A business issued a 120-day, 6% note for $9,000 to a creditor on account. The company uses a 360-day year for interest calculations. Journalize the entries to record (a) the issuance of the note and (b) the payment of the note at maturity, including interest. If an amount box does not require an entry, leave it blank. When required, round your answers to the nearest dollar. a. b.On November 1, Koala Kare Bear signed a $50,000, 10-month, 10% interest-bearing note payable. The journal entry on December 31 of the year would include a: • Debit to Interest Expense for $1,250 O Debit to Interest Expense for $833.33 • Credit to Interest Payable for $1,250 O Debit to Notes Payable for $50,000A business issued a 90-day, 5% note for $24,000 to a creditor on account. The company uses a 360-day year for interest calculations. Journalize the entries to record (a) the issuance of the note and (b) the payment of the note at maturity, including interest. If an amount box does not require an entry, leave it blank. When required, round your answers to the nearest dollar. a. Accounts Payable Accounts Payable Notes Payable Notes Payable b. - Select - - Select - - Select - - Select - - Select - - Select -
- Quick Tire and Lube received a 120-day, 8% note for $72,000, dated April 9 from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. b. Determine the maturity value of the note.$fill in the blank 0578eff5f02bffe_2 c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. Aug. 7 fill in the blank 7c1e32ffb038033_2 fill in the blank 7c1e32ffb038033_3 fill in the blank 7c1e32ffb038033_5 fill in the blank 7c1e32ffb038033_6 fill in the blank 7c1e32ffb038033_8 fill in the blank 7c1e32ffb038033_9Looking for answers asap. Thanks! Analyze and review the following items and determine the appropriate journal entry. Notes Payable This is a short-term note. The company borrowed money from JRT Investments on October 31, 2020 for 3 months. The principal, along with interest is to be repaid on January 31, 2021. The interest rate is 1.8%. Notes Payable = $250,000A business issued a 30-day, 7% note for $75,600 to a creditor on account. The company uses a 360-day year for interest calculations. Journalize the entries to record (a) the issuance of the note and (b) the payment of the note at maturity, including interest. If an amount box does not require an entry, leave it blank or enter 0. When required, round your answers to the nearest dollar. a. fill in the blank 2 fill in the blank 4 b. fill in the blank 6 fill in the blank 7 fill in the blank 9 fill in the blank 10 fill in the blank 12 fill in the blank 13